Exploration Target for Hematite Fines Project
Perth, Aug 6, 2024 AEST (ABN Newswire) - Arrow Minerals Limited (
ASX:AMD) is pleased to report Exploration Results and an in-situ Exploration Target for the Simandou North Iron Project.
Highlights
- An Exploration Target estimated between approximately 281 to 716 million tonnes of Simandou Formation Oxide BIF at 33-46% Fe and positive preliminary metallurgical testwork undertaken which achieves 61-64% Fe, low alumina (<0.5%) hematite fines from a simple wet gravity process. Cautionary Statement: The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource.
- Multi-user rail and port infrastructure and a simple wet gravity process points to the potential for a capital light project.
- Arrow will proceed with infill drilling to enhance geological confidence to facilitate concurrent estimation of mineral resources and execution of scoping studies with results anticipated in 2025.
Mr David Flanagan, Managing Director said:
"The discovery of this hematite fines project is a terrific result. In only a few months in the field, where after our first regional scale drilling campaign in which we have tested less than 15% of the tenement, largely with shallow drilling, the team has successfully identified part of the BIF sequence that presents a substantial opportunity, being very similar to the Itabirites which are being mined by Vale in Brazil. As a result of this discovery, we have been able to estimate a large scale Exploration Target. Positive preliminary metallurgical testwork already undertaken which achieves 61-64% Fe, low alumina (<0.5%) hematite fines from a simple wet gravity process."
"This is a brilliant Project, and we are going to move quickly. That means running resource drilling, mine permitting activities and scoping studies which we plan to complete within 12 months."
"This is just the beginning. We will continue to map and then drill across the entire project. A further 1,307 samples are pending, and we will report those as they arrive in coming weeks."
"We are also very pleased our neighbours, Winning Consortium Simandou and Rio Tinto Simfer, plan to commission the multi-user, heavy haul rail network linking our Simandou North Iron Project to the port in late 2025."
"Shareholders can expect a steady stream of updates. Whether it's drilling results in high grade hematite enriched BIF, progress on our scoping studies, or resource drilling at Simandou North or the Niagara Bauxite Project following our recent acquisition agreement. We are maintaining a high level of activity."
In completing extensive drilling across and along the strike of the Simandou Iron Formation throughout the tenement and correlating this with extensive surface mapping, detailed airborne geophysics processing, the Company has successfully defined a substantial Oxide BIF Exploration Target. Metallurgical test work has further confirmed the potential to produce a very attractive 61-64% Fe hematite fines product using simple gravity separation.
BACKGROUND
Arrow's Simandou North Iron Project is located immediately north of the Simandou Iron Ore Project (Figure 1*). Approximately 40 kilometres of strike of the prospective Simandou iron formation is interpreted to extend into the Company's Simandou North license (Figure 1*) which has been validated by an extensive field mapping and rock chip sampling campaign. As announced, the Company has identified iron mineralisation in the sequence and is now systematically testing targets across the project.
Arrow's Simandou North Iron Project comes within 25km of the rail construction corridor (Figure 1*) which presents a unique opportunity for Arrow to access this rail infrastructure under the Government of the Republic of Guinea's mandate that the rail infrastructure will be available for third party use.
Winning Consortium Simandou and Rio Tinto Simfer are collectively spending approximately US$23.2Bn to develop a mine, multi-user rail, and port system (Figure 2*). This is a significant investment undertaken after 30 years of studies and investment in due diligence. The strategic relevance of the proximity of this multi-user rail infrastructure to Arrow's bulk commodity projects is also shown in Figure 3*.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/BG9ZU36B
About Arrow Minerals Ltd
Arrow Minerals Ltd (ASX:AMD) is an exploration and development company focused on delivering long-term shareholder value through the discovery of economic mineral deposits in West Africa. The Company has implemented a systematic science-based exploration philosophy whilst remaining commercially nimble to ensure we capture and retain value.
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